Love Funding Refinances Portfolio of Skilled Nursing Facilities in Mississippi

||Love Funding Refinances Portfolio of Skilled Nursing Facilities in Mississippi

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi.
 
Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office obtained the loans through the U.S. Department of Housing and Urban Development’s Section 232/223(a)(7) LEAN program for the streamlined refinancing of existing HUD-insured healthcare properties.

Saull-Smith secured non-recourse financing for River Place Nursing Center in Amory, The Nichols Center in Madison, and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC, and offer a combined total of 180 beds in 105 units.
 
This is the third time Saull-Smith and Love Funding have financed the properties over the past five years. Saull-Smith originally arranged conventional bridge financing for the borrower to purchase the facilities and two others in 2008. She then arranged for the loans to be refinanced in 2009, but borrowing rates have since dropped to near-record lows, allowing the client to shave another 200 basis points off the interest rates.
 
“Even when properties have recently been refinanced, it may still make sense to refinance again given how low rates have dropped,” Saull-Smith said. “In this case, the borrower was able to lower its borrowing costs by more than $163,000 a year.”
 
In a separate transaction, Saull-Smith also closed on a $2.98 million loan refinancing for Woodcliffe Manor, a 41-bed assisted living facility in Bethel Park, Pennsylvania.
 
For more information, contact Laura Saull-Smith at (202) 887-1851.

2013-04-04T15:43:09+00:00 Love Funding News|